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Alibaba Soars Nearly 15%; Alibaba Cloud Accelerates Growth and Unveils New AI Chip Initiative
3 week ago /
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Author：小编
Alibaba's Hong Kong stocks surged 14.95% at the opening bell, marking a new high since March, while its U.S. stocks closed up 12.9% on Friday. The latest financial report reveals that despite a year-on-year decline of 18% in second-quarter Non-GAAP net profit, cloud business revenue witnessed a robust 26% year-on-year growth, achieving a three-year high. Concurrently, the rapid expansion of Taobao Flash Sale significantly contributed to user growth. Furthermore, Alibaba has invested over 100 billion yuan in AI over the past four quarters and is now developing a new chip, aiming to address the market void created by NVIDIA's sales restrictions in China.
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